L&S Advisors, Inc. is an independent investment advisory firm located in Los Angeles, California that has been in business since 1979. The firm manages $230 million in total assets across 145 client accounts. Mr. Ralph Scott has served as the portfolio manager for the firm's market-oriented, large cap strategy since 2006, generating annualized returns of 10.13% compared to the benchmark's 2.06% over the same period. The minimum account size for individual investors is $500,000.

1. L&S ADVISORS, INC.
INCOME
Address: 12121 Wilshire Blvd., Suite 1100 1,750
Los Angeles, CA, 90025
Firm Type: Independent Reg. Inv. Advisor 1,500
GROWTH OF $1,000
Legal Structure: Corporation
Year Founded: 1979 1,250
Firm GIPS Compliant: No
Firm/Product Assets: $ 230.00 Million / $ 13.00 Million 1,000
Firm/Product Accounts: 145 / 18
Parent Company: -- 750
Investment Style: Market Oriented/Flexible
Market Capitalization: Large Capitalization (>7 $Billion) 500
Decision Making: Top-Down/Economic Analysis 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010
Portfolio Manager: Mr. Ralph Scott MANAGER BENCHMARK
Manager Tenure: 1/2006 20
Mgr. Experience: 1933
EXCESS RATE OF RETURN
Product Contact: Mr. Jordan Friedman
Phone: 310-893-6060 10
Account Size Annual Fees
Performance Incentive Fee: No $1 Million --
Individual Min Annual Fee: -- $5 Million -- 0
Individual Min Account Size: $500,000 $10 Million --
Offered As Mutual Funds: No $25 Million --
Offered As Commingled Funds: No $50 Million -- -10
Commingled Min Annual Fee: -- $100 Million --
Commingled Min Account Size: -- $200 Million --
3/2006 9/2006 6/2007 3/2008 9/2008 6/2009 3/2010 12/2010
MRQ 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Incept 30
Manager 6.77 14.79 32.52 -30.37 18.09 24.25 -- -- -- -- -- 10.13
Bnchmrk 6.80 15.10 21.18 -39.22 1.99 20.53 5.82 15.72 31.80 -20.86 -11.72 2.06 25
Excess -0.03 -0.31 11.34 8.85 16.09 3.72 -- -- -- -- -- 8.07
20
RATE OF RETURN
90 TBill 0.03 0.14 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 2.06
15
PERIOD ROR STDEV ALPHA BETA RSQR TRCKERR SHARPE INFORATIO
10
3 Yrs 6.59 17.10 6.28 0.50 0.56 17.24 0.36 0.39
4 Yrs 4.52 16.25 5.10 0.51 0.51 16.20 0.21 0.42 5
5 Yrs 9.12 15.89 7.67 0.52 0.48 15.16 0.45 0.53
0
6 Yrs -- -- -- -- -- -- -- --
7 Yrs -- -- -- -- -- -- -- -- -5
8 Yrs -- -- -- -- -- -- -- --
9 Yrs -- -- -- -- -- -- -- -- -10
LATEST QTR 1YR 3YRS 5YRS INCEPT
10 Yrs -- -- -- -- -- -- -- --
Inception 10.13 15.64 8.04 0.53 0.49 14.79 0.52 0.55 12
10
GICS Sector Breakdown: N/A % Equity Characteristics: N/A %
RATE OF RETURN
Materials -- Beta(5 Year) -- 8 5 Yrs
Energy -- Dividend Yield -- 6
3 Yrs
Consumer Staples -- 5 Year EPS Growth --
4
Consumer Discretionary -- Price/Book --
Industrials -- P/E (Proj next 12 mths) -- 2 10 Yrs
Utilities -- Return on Equity -- 0 5 Yrs
Health Care -- Market Capitalization: -- 3 Yrs
-2
Information Technology -- Wght Avg ($MM) --
-4
Telecommunications Services -- Median ($MM) --
14 16 18 20 22 24 26
Financials -- Debt/Equity --
STANDARD DEVIATION
Cash -- Ann Fiscal YTD Turnover --
Other -- SEC-30-Day Yield -- MANAGER BENCHMARK
RATE OF RETURN GROWTH OF $1,000
Ten Largest Holdings: N/A % Firm Representative Client List PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM
1 -- Confidential 1 Yr 16.77 14.79 1.98 $1,168 $1,148 $20
2 -- -- 2 Yrs 28.11 33.25 -5.14 $1,641 $1,776 -$134
3 -- -- 3 Yrs 6.59 -0.19 6.78 $1,211 $994 $217
4 -- -- 4 Yrs 4.52 -2.30 6.82 $1,193 $911 $282
5 -- -- 5 Yrs 9.12 1.05 8.07 $1,547 $1,054 $493
6 -- -- 6 Yrs -- 3.19 -- -- $1,207 --
7 -- -- 7 Yrs -- 4.03 -- -- $1,319 --
8 -- -- 8 Yrs -- 8.36 -- -- $1,901 --
9 -- -- 9 Yrs -- 3.83 -- -- $1,403 --
10 -- -- 10 Yrs -- 2.99 -- -- $1,343 --
Inception 10.13 2.06 8.07 $1,659 $1,113 $546
© 2011 Informa Investment Solutions, Inc., www.informais.com
PERIODS ENDING: MARCH 31, 2011, SINCE INCEPTION: DECEMBER 31, 2005
BENCHMARK: S&P 500 VALUE, UNIVERSE: PSN LARGE CAP
ALL PERFORMANCE USING PRE TAX GROSS OF FEES
*SEE SECOND PAGE FOR DISCLAIMER

2. L&S ADVISORS, INC.
INCOME
Lynch in 1997 but continued to manage discretionary client accounts
Equity Personnel Total Firm Personnel Total
according to the same risk management philosophy. L&S Advisors
Portfolio Managers 2 Portfolio Managers 2
Research Analysts 1 Research Analysts 2 was reestablished as an independent RIA in 2005 and continues to be
Traders 1 Traders 1 owned and operated by the two founding partners.
Marketing 1 Marketing 1
Specialists
Total Equity 5 Specialists
Client Service --
Personnel
Offered WRAP/TAMP Program:
EQUITY INVESTMENT PHILOSOPHY - L&S Advisors (L&S)
seeks to capture asset appreciation when market conditions are
favorable and, especially, strives to manage risk during difficult
market periods. L&S believes all types of securities compete in the
same investment marketplace. L&S portfolios lack any global, sector,
or capitalization restrictions. L&S may invest in any market that they
believe offers a high probability of return or, alternatively, that
provides a high degree of safety in uncertain times. Dependent on the
outlook for the U.S. and global economies, they make top-down
allocations among stocks, bonds, cash, precious metals, and currency
markets around the globe. After determining allocation, they seek
attractive opportunities within each market. When economic
conditions suggest it is appropriate to be invested, L&S will tactically
diversify the holdings by taking concentrated positions within the
asset classes they perceive to be driving the growth in the market.
When economic conditions suggest it is not appropriate to be
invested, they will significantly overweight cash to protect against
downside risk. L&S originally began managing Income portfolios
in 1979. After being acquired by another firm in 1999 they again
gained their independence in 2006.
INVESTMENT DECISION-MAKING PROCESS - L&S Advisors
first concern when determining our tactical strategy is the macro
global economic view. They analyze international influences, GDP
economic indicators, and political factors. L&S tries to anticipate
price movements of stock markets, interest rates, foreign exchanges,
commodities, and business cycles. Then they analyze various industry
sectors within an investment theme to determine their role in an
industry’s value chain. L&S selects primarily industry leading
companies that have frequently dominated their sector and are led by
exceptional management teams. Finally, to complete our robust and
thorough due diligence process, investment ideas are generated after
combining Wall Street firms and independent research as well as
media and news events. Technical analysis is employed only after a
decision has been made to buy or sell a security. It is used to gauge
current market sentiment and relative strength and assists us in
identifying tactical market entry and exit points. L&S not only use
their macro global economic view to select industries and companies
to put into a client’s portfolio, but it also helps them to avoid those
industries and issuers that they believe are likely to experience excess
volatility or otherwise fail to deliver acceptable returns.
ORGANIZATION AND OWNERSHIP - L&S Advisors was
originally established as a Registered Investment Advisor in 1979 by
Sy Lippman and Ralph Scott. The firm was acquired by Merrill
*PSN is an investment manager database and is a division of Informa Investment Solutions, Inc (IIS). Reproduction of any information obtained from PSN in any form is prohibited without the written permission of Informa Investment
Solutions, Inc. Performance figures shown are gross of manager fees. All rates of return over one year are annualized. The performance figures are provided from the investment management firm and are reported for informational
purposes only. No representation is given with respect to their accuracy or completeness, nor that the figures are necessarily GIPS compliant, and they will be subject to change. The information provided is not intended to be a
complete analysis of every material fact concerning the firm or product. Past performance does not guarantee future results. This information should not be deemed as an offer to sell or a solicitation of an offer to buy shares of products
that are described herein. Index performance returns do not reflect any management fees, transaction costs or expenses. One can not invest directly in an index. Because of the possibility of human or mechanical error by IIS sources
or others, IIS does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARE NO
EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IIS be liable for any indirect, special
or consequential damages in connection with use of any subset of PSN data or derived data.
© 2011 Informa Investment Solutions, Inc., www.informais.com

3. L&S ADVISORS
INCOME
PERFORMANCE VS BENCHMARK
DECEMBER 31, 2005 TO MARCH 31, 2011
12/2005 - 3/2011 12/2005 - 3/2011
1750 11 More Return More Return
Less Risk More Risk
1500
RATE OF RETURN
GROWTH OF $1,000
1250
6
1000
750 Less Return Less Return
Less Risk More Risk
Standard & Poor's 500 Value
500 1 6 11 16 21
12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 STANDARD DEVIATION
MANAGER BENCHMARK MANAGER BENCHMARK
RATE OF RETURN GROWTH OF $1,000 MRQ 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Incept
PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM MANAGER 6.77 14.79 32.52 -30.37 18.09 24.25 N/A N/A N/A N/A N/A 10.13
1 Yr 16.77 14.79 1.98 $1,168 $1,148 $20 BENCHMARK 6.80 15.10 21.18 -39.22 1.99 20.53 5.82 15.72 31.80 -20.86 -11.72 2.06
2 Yrs 28.11 33.25 -5.14 $1,641 $1,776 -$134 EXCESS -0.03 -0.31 11.34 8.85 16.09 3.72 N/A N/A N/A N/A N/A 8.07
3 Yrs 6.59 -0.19 6.78 $1,211 $994 $217 90 TBILL 0.03 0.14 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 2.06
4 Yrs 4.52 -2.30 6.82 $1,193 $911 $282
5 Yrs 9.12 1.05 8.07 $1,547 $1,054 $493
6 Yrs N/A 3.19 N/A N/A $1,207 N/A
7 Yrs N/A 4.03 N/A N/A $1,319 N/A
8 Yrs N/A 8.36 N/A N/A $1,901 N/A
9 Yrs N/A 3.83 N/A N/A $1,403 N/A
10 Yrs N/A 2.99 N/A N/A $1,343 N/A
Inception 10.13 2.06 8.07 $1,659 $1,113 $546
MANAGER: L&S Advisors Income
BENCHMARK: Standard & Poor's 500 Value
SINCE INCEPTION: 12/2005
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005

4. L&S ADVISORS INCOME
TOTAL RISK REWARD
MARCH 31, 2006 TO MARCH 31, 2011
10 More Return More Return
Less Risk More Risk
RATE OF RETURN
5
Less Return Standard Less Return Value
& Poor's 500
Less Risk More Risk
15 16 17 18 19 20 21 22
STANDARD DEVIATION
ROR Std Dev Pop Alpha Beta R-Squared
L&S Advisors Income 9.12 15.89 7.67 0.52 0.48
Standard & Poor's 500 Value 1.05 21.07 0.00 1.00 1.00
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005

5. L&S ADVISORS INCOME
MARKET CAPTURE
MARCH 31, 2006 TO MARCH 31, 2011
Outperforms in Underperforms in Neg. Qtrs.
Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.
97 Standard & Poor's 500 Value
UPSIDE CAPTURE RATIO
72
47
22
90 Day U.S. Treasury Bill
Underperforms in Pos. Qtrs. Underperforms in
Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.
-28 -3 22 47 72 97 122
DOWNSIDE CAPTURE RATIO
Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared
L&S Advisors Income 27.42 85.51 -18.18 47.19 0.48
Standard & Poor's 500 Value 32.07 100.00 -38.54 100.00 1.00
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005

6. L&S ADVISORS INCOME
QUARTILE RANKING BAR
PERIODS ENDING MARCH 31, 2011
30
25
20
RATE OF RETURN
15
10
5
0
-5
-10
12/2010-3/2011 3/2010-3/2011 3/2008-3/2011 3/2006-3/2011 12/2005-3/2011
HIGH (0.05) 8.68 23.60 8.42 7.48 8.03
FIRST QUARTILE 6.92 17.96 4.83 4.89 5.55
MEDIAN 6.04 15.61 3.40 3.61 4.35
THIRD QUARTILE 5.10 13.59 2.16 2.64 3.39
LOW (0.95) 2.83 8.99 -0.18 0.54 1.49
MEAN 5.98 15.84 3.60 3.77 4.51
VALID COUNT 798 798 773 709 705
12/2010-3/2011 3/2010-3/2011 3/2008-3/2011 3/2006-3/2011 12/2005-3/2011
VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK
L&S Advisors Income 6.77 28 16.77 36 6.59 7 9.12 1 10.13 1
Standard & Poor's 500 Value 6.80 27 14.79 60 -0.19 99 1.05 97 2.06 96
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005

7. L&S ADVISORS, INC.
12121 Wilshire Blvd., Suite 1100 TEL: 310-893-6060
Los Angeles, CA, 90025 FAX: 310-893-6070
CONTACT: Mr. Jordan Friedman TOTAL ASSETS: $230.00 MILLION
ORGANIZATION AND OWNERSHIP - L&S Responsibility: Equity Portfolio Manager
Advisors was originally established as a Registered Professional Accreditation:
Investment Advisor in 1979 by Sy Lippman and Ralph Education Undergraduate: American University, B.A.
Scott. The firm was acquired by Merrill Lynch in 1997 Advanced Degree: American University Law School,
but continued to manage discretionary client accounts J.D.
according to the same risk management philosophy. Year Entered Industry: 1972
L&S Advisors was reestablished as an independent Phone:
RIA in 2005 and continues to be owned and operated email:
by the two founding partners. Previous Position: -
Company:
PRODUCT OFFERINGS AND SERVICES - Growth Title:
& Income Portfolio Offering Within this portfolio, we
believe all types of securities compete in the investment
marketplace and that our analysis will lead us to those Mr. Ralph Scott
that are most attractive under prevailing and anticipated Current Position: Senior Managing Director, 1979 -
conditions. A key component of our strategy is tactical PRESENT
diversification defined as making swift concentrated Current Firm:
purchases when we see an opportunity present itself. Responsibility: Chief Investment officer
This strategy allows us the flexibility within portfolio Professional Accreditation:
construction to consider all sectors globally and Education Undergraduate: University of Vermont, B.A.
emphasize investments in healthy industries with Advanced Degree: The George Washington University
specific stocks and avoid those where we see trouble on Law School, J.D.
the horizon. Our investment strategies lack any global, Year Entered Industry: 1972
sector, or capitalization restrictions, and, as a result, we Phone:
believe we can excel in a variety of market conditions. email:
We not only use our macro global economic view to Previous Position: -
select industries and companies to put into a client’s Company:
portfolio, but it also helps us to avoid those industries Title:
and issuers that are we believe likely to experience
excess volatility or otherwise fail to deliver acceptable
returns. When the macro global economic conditions MARKETING CONTACT:
suggest it is not appropriate to be invested, we
significantly overweight cash in order to minimize MR. JORDAN FRIEDMAN
downside risk. MANAGING DIRECTOR
L&S ADVISORS, INC.
BUSINESS OBJECTIVES AND STRATEGY - The 12121 WILSHIRE BLVD., SUITE 1100
offices of L&S Advisors are technologically savvy. LOS ANGELES, CA 90025
We have the current capabilities of managing up to $1 PHONE:310-893-6060
Billion. Our target account size begins at $2 million. FAX:310-893-6070
Every account is separately managed even though the
strategies remain consistent. We have the capabilities
of holding positions below the line if need be and for INVESTMENT APPROACHES - Growth & Income,
qualified clients can run option strategies around Income, Growth, Master Limited Partnership
certain positions.
LAST MODIFIED ON: 4/6/2011
SENIOR INVESTMENT PROFESSIONALS:
Mr. Sy Lippman
Current Position: Senior Managing Director, 1979 -
PRESENT
Current Firm:
© 2011 Informa Investment Solutions, Inc., www.informais.com
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from
the composite. The S&P 500 Index is a free-float capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with
dividends reinvested and is not available for direct investment. This index has been included as a general market indicator only as there are material differences between the composite strategy and the S&P 500
Index. For example, the composite doesn’t hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index and the cash allocation of the composite varies